Laing O’Rourke joins Novacem investment group

Novacem has announced that Laing O’Rourke has joined its investment group as part of a £1.6 million round. All three of Novacem’s existing financial investors - Imperial Innovations, the London Technology Fund, and the Royal Society Enterprise Fund – also participated in the round. This follows the announcement by Imperial Innovations of its own £140 million fundraising in December 2010.

Novacem is currently working with a world-class eco-system of partners to accelerate deployment of its technology to market. The company’s carbon negative cement is based on magnesium oxide. No carbon emissions are released from the magnesium silicate raw material used, and overall more CO2 is absorbed than emitted during production.

Novacem will use the £1.6 million raised to continue the development of its carbon negative cement and manufacturing process, and to expand its commercial activities in the run up to an expected Series-A financing.

Laing O’Rourke’s participation in the investment round follows its successful earlier collaboration in a two year (2008-10) £1.5 million Technology Strategy Board project led by Novacem. The two companies are already planning further joint development activities.

Ray O’Rourke, Laing O’Rourke’s Chairman and Chief Executive, said: “Although we recognise there is a limit to what is possible to improve the sustainability of conventional Portland cement, we are excited by the radical innovation being developed through our partnership with Novacem.”

Novacem Chairman Stuart Evans commented: “The addition of Laing O’Rourke to our investor group is exciting as we continue to build the eco-system of industrial partners to deploy our technology across the world. We are also delighted that our original investors have chosen to make follow-on investments. These both endorse the huge potential in the Novacem technology.”

Read the article online at: https://www.worldcement.com/europe-cis/27012011/novacem_closes_%C2%A31-6_million_investment_round/